According to Peter Obi, the Labour Party’s nominee for president, ineffective monetary and fiscal policy is a factor in the nation’s rising inflation. Currently, the National Bureau of Statistics reports that the country’s inflation rate is 21.34 percent.
When discussing his ideas if elected president of Nigeria, Peter Obi said on Monday at Chatham House in London that the country’s economy is being negatively impacted by the country’s fiscal space.
Peter Obi was replying to a query about how his administration would interact with the governor of the Central Bank of Nigeria from the large audience.
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“The CBN governor will maintain his independence, he will be respected. Again, it is not the problem of the person there. The CBN has a role of monitory policy. The fiscal space is like a football field. When somebody who is supposed to play a particular wing is no longer there, you find people playing various wings,” he said.
“Replacing Godwin (Emefiele) and putting somebody else there, with that level of fiscal rascality, which is what is fuelling our inflation and our rate of exchange (won’t achieve much result)… these are some of the things we need to cut. As long as the government continues on that fiscal rascality, our situation will not go,” Obi said.
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